Short Interest in AFC Gamma, Inc. (NASDAQ:AFCG) Expands By 8.3%

AFC Gamma, Inc. (NASDAQ:AFCG - Get Free Report) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 488,800 shares, a growth of 8.3% from the September 15th total of 451,200 shares. Approximately 3.0% of the shares of the stock are sold short. Based on an average trading volume of 205,000 shares, the days-to-cover ratio is presently 2.4 days.

Hedge Funds Weigh In On AFC Gamma

A number of hedge funds have recently modified their holdings of the business. Ritholtz Wealth Management lifted its holdings in shares of AFC Gamma by 91.1% during the third quarter. Ritholtz Wealth Management now owns 60,820 shares of the company's stock worth $621,000 after purchasing an additional 28,998 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of AFC Gamma by 4.8% during the second quarter. The Manufacturers Life Insurance Company now owns 23,296 shares of the company's stock worth $284,000 after purchasing an additional 1,071 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of AFC Gamma by 1.4% during the second quarter. Renaissance Technologies LLC now owns 134,400 shares of the company's stock worth $1,640,000 after purchasing an additional 1,900 shares during the period. AdvisorShares Investments LLC lifted its holdings in shares of AFC Gamma by 14.7% during the second quarter. AdvisorShares Investments LLC now owns 124,606 shares of the company's stock worth $1,505,000 after purchasing an additional 16,000 shares during the period. Finally, Spire Wealth Management lifted its holdings in shares of AFC Gamma by 141.5% during the second quarter. Spire Wealth Management now owns 29,700 shares of the company's stock worth $362,000 after purchasing an additional 17,400 shares during the period. Institutional investors and hedge funds own 26.53% of the company's stock.

AFC Gamma Price Performance

Shares of NASDAQ AFCG traded up $0.17 during midday trading on Tuesday, reaching $10.20. 164,289 shares of the company were exchanged, compared to its average volume of 148,027. The stock's 50-day moving average price is $10.15 and its 200-day moving average price is $10.95. The stock has a market cap of $210.80 million, a P/E ratio of 19.62 and a beta of 1.05. AFC Gamma has a one year low of $8.06 and a one year high of $13.35. The company has a quick ratio of 4.77, a current ratio of 4.77 and a debt-to-equity ratio of 0.11.

AFC Gamma (NASDAQ:AFCG - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.49 by $0.05. The firm had revenue of $19.96 million for the quarter, compared to analysts' expectations of $16.48 million. AFC Gamma had a net margin of 21.97% and a return on equity of 12.41%. On average, sell-side analysts anticipate that AFC Gamma will post 1.66 earnings per share for the current fiscal year.

AFC Gamma Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.33 per share. The ex-dividend date is Monday, September 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 12.94%. AFC Gamma's dividend payout ratio (DPR) is presently 253.85%.

Wall Street Analysts Forecast Growth

AFCG has been the topic of a number of recent analyst reports. Seaport Res Ptn raised shares of AFC Gamma to a "strong-buy" rating in a research note on Tuesday, October 8th. Compass Point raised shares of AFC Gamma from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $10.00 to $9.00 in a research note on Friday, August 16th. Jefferies Financial Group decreased their price objective on shares of AFC Gamma from $16.00 to $13.00 and set a "buy" rating on the stock in a research note on Tuesday, September 3rd. Finally, JMP Securities reissued a "market perform" rating on shares of AFC Gamma in a research note on Thursday, June 27th. Two research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $11.00.

About AFC Gamma

AFC Gamma, Inc originates, structures, underwrites, and invests in senior secured loans, and other various commercial real estate loans and debt securities for established companies operating in the cannabis industry. It primarily originates loans structured as senior loans secured by real estate, equipment, and licenses and/or other assets of the loan parties to the extent permitted by applicable laws and the regulations governing such loan parties.